This chemical is primarily utilized in organic synthesis as a versatile building block for the preparation of more complex molecules. It is often employed in the development of polymers and resins, where its structure allows for the creation of cross-linked networks, enhancing material properties such as durability and thermal stability. Additionally, it serves as an intermediate in the synthesis of pharmaceutical compounds, particularly in the production of active pharmaceutical ingredients (APIs) that require specific aromatic and functional group arrangements. Its reactivity with nucleophiles also makes it valuable in the synthesis of fine chemicals and specialty materials used in various industrial applications.